Bitcoin [BTC] has all the positives of gold without the downsides, says Digital Currency Group CEO

2019-05-09

Barry Silbert, Founder and CEO of Digital Currency Group, has been a vocal advocate of Bitcoin [BTC] and the cryptocurrency market. In a recent interview with Fox Business, the Bitcoin bull touched upon the Drop Gold campaign, while focusing on the advantages that BTC possesses over gold.

Silbert stated that although the gold industry is valued at $8 trillion, it still does not have a connection with the latest generation of investors. He added,

“The younger generation of investors do not view gold in the same way as our ancestors did. They grew up with a gold standard and that is not what the economy needs right now. There is a major disconnect with the gold bodies and the central banks too. Why would you want to align yourself with Russia and China where the gold deposits go?”

The CEO added that the only way gold can have practical value is if the Dollar falls. However, Silbert also claimed that he wouldn’t bet against the United States. He stressed on Bitcoin’s benefits, emphasizing that the world’s largest cryptocurrency has utility and is much more accessible and portable than gold. According to him,

“At a 100 billion market cap, Bitcoin will only go up. It has all the benefits of gold with more upsides. Compare to the use cases of Bitcoin, gold can only be used to make nice jewelry and as a store of value. You have to change the perspective of an entire generation and that is why this campaign, which is designed to be provocative, was launched and marketed.”

Barry Silbert also spoke about the entry of tech giants like Facebook and Square into the cryptoverse, claiming that their entry will be followed by the creation of more infrastructure. He even pointed out the case of JPMorgan CEO Jamie Dimon, who agreed to creating a native token, despite being vehemently opposed to Bitcoin a year ago.